Backlog of $89 million in annualized GAAP revenue as of the end of the third quarter, representing nearly $850 million in total contract value

•

Closed acquisition of Zenium, establishing a presence in London and Frankfurt, the two largest data center markets in Europe

•

Acquired 15 acres of land in Santa Clara, California, establishing a presence in a key West Coast market with an onsite power cogeneration facility

-- Also acquired 40 acres of land in Northern Virginia (in addition to previously announced acquisition of 154,000 square foot powered shell) and 24 acres of land in Dallas to support continued strong growth in these markets

•

Added seven Fortune 1000 companies as new customers (three through third quarter leasing, four through the acquisition), increasing the total number of Fortune 1000 customers to 208 as of the end of the quarter

•

Raised nearly $400 million in net proceeds through a common stock offering of 6.7 million shares in late September and entered into a forward sale agreement with respect to an additional 2.5 million shares resulting in estimated net proceeds of nearly $150 million upon settlement by September 15, 2019

Subsequent to the end of the quarter, announced a $12 million investment in exchange for a 10% equity interest in ODATA Brasil S.A. and ODATA Colombia S.A.S. (collectively “ODATA”), a leading data center provider in Brazil, the largest and fastest-growing data center market in Latin America

“We had another very strong quarter with many significant accomplishments, including closing Zenium, establishing a West Coast presence with the addition of Santa Clara, and achieving an investment grade credit rating, which is a goal that I have been focused on for a very long time,” said Gary Wojtaszek, president and chief executive officer of CyrusOne. “We are also thrilled to partner with ODATA to provide our customers a compelling alternative in Brazil and other markets in Latin America as we continue to develop solutions to meet their increasingly global needs.”

Third Quarter 2018 Financial Results

Revenue was $206.6 million for the third quarter, compared to $175.3 million for the same period in 2017, an increase of 18%. The increase in revenue was driven primarily by a 26% increase in occupied CSF and additional interconnection services.

Net loss was $(42.4) million for the third quarter, compared to net loss of $(55.1) million in the same period in 2017. Net loss for the third quarter included a $(36.6) million unrealized loss on the Company’s equity investment in GDS Holdings Limited (“GDS”), a leading data center provider in China, due to a decrease in GDS’s share price during the quarter. Net loss per diluted common share1 was $(0.43) in the third quarter of 2018, compared to net loss of $(0.61) per diluted common share in the same period in 2017.

Net operating income (NOI)2 was $128.9 million for the third quarter, compared to $112.3 million in the same period in 2017, an increase of 15%. Adjusted EBITDA3 was $110.8 million for the third quarter, compared to $95.9 million in the same period in 2017, an increase of 16%.

Normalized Funds From Operations (Normalized FFO)4 was $78.5 million for the third quarter, compared to $71.4 million in the same period in 2017, an increase of 10%. Normalized FFO per diluted common share was $0.79 in the third quarter of 2018, equivalent to third quarter 2017.

Leasing Activity

CyrusOne leased approximately 15 MW of power and 114,000 CSF in the third quarter, representing $2.2 million in monthly recurring rent, inclusive of the monthly impact of installation charges, or approximately $26.6 million in annualized GAAP revenue5, excluding estimates for pass-through power. The weighted average lease term of the new leases, based on square footage, is 60 months (5.0 years), and the weighted average remaining lease term of CyrusOne’s portfolio is 59 months (taking into account the impact of the backlog), the longest in the Company’s history. Recurring rent churn6 for the third quarter was 2.6%, compared to 0.6% for the same period in 2017.

Portfolio Development and CSF Leased

In the third quarter, the Company completed construction on 185,000 CSF and 18 MW of power capacity across two projects in Northern Virginia and Dallas. CSF leased7 as of the end of the third quarter was 91% for stabilized properties8 and 86% overall. In addition, the Company has development projects underway in Northern Virginia, Dallas, the New York Metro area, Raleigh-Durham, Phoenix, San Antonio, Frankfurt and London that are expected to add approximately 393,000 CSF and 103 MW of power capacity.

Balance Sheet and Liquidity

As of September 30, 2018, the Company had gross asset value9 totaling approximately $6.5 billion, an increase of approximately 40% over gross asset value as of September 30, 2017. CyrusOne had $2.60 billion of long-term debt10, cash and cash equivalents of $61.0 million, and $1.7 billion available under its unsecured revolving credit facility as of September 30, 2018. Net debt10 was $2.57 billion as of September 30, 2018, representing approximately 28% of the Company's total enterprise value as of September 30, 2018 of $9.3 billion, or 5.4x Adjusted EBITDA for the last quarter annualized (after further adjusting to reflect a full quarter Adjusted EBITDA contribution from the Zenium data centers based on September results and the pro forma impact of equity proceeds assuming cash settlement under the forward sale agreement). Available liquidity11 was $1.92 billion as of September 30, 2018.

Dividend

On August 1, 2018, the Company announced a dividend of $0.46 per share of common stock for the third quarter of 2018. The dividend was paid on October 12, 2018, to stockholders of record at the close of business on September 28, 2018.

Additionally, today the Company is announcing a dividend of $0.46 per share of common stock for the fourth quarter of 2018. The dividend will be paid on January 11, 2019, to stockholders of record at the close of business on January 2, 2019.

Guidance

CyrusOne is reaffirming guidance for full year 2018. The annual guidance provided below represents forward-looking statements, which are based on current economic conditions, internal assumptions about the Company's existing customer base, and the supply and demand dynamics of the markets in which CyrusOne operates.

CyrusOne does not provide forward-looking guidance for GAAP financial measures (other than Revenue and Capital Expenditures) or reconciliations for the non-GAAP financial measures included in the annual guidance provided below due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including net income (loss) and adjustments that could be made for transaction, acquisition, integration and other related expenses, legal claim costs, asset impairments and loss on disposals and other charges in its reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.

Category

2018 Guidance(1)

Total Revenue

$820 - 830 million

Lease and Other Revenues from Customers

$725 - 730 million

Metered Power Reimbursements

$95 - 100 million

Adjusted EBITDA

$454 - 459 million

Normalized FFO per diluted common share

$3.25 - 3.30

Capital Expenditures

$850 - 900 million

Development

$845 - 890 million

Recurring

$5 - 10 million

(1) Full year 2018 guidance includes the impact of the Zenium acquisition,

which closed in late August. Development capital expenditures include the

UBS Global Media and Communications Conference on December 3-4 in New York City

Raymond James Technology Investors Conference on December 3-5 in New York City

Conference Call Details

CyrusOne will host a conference call on October 31, 2018, at 11:00 AM Eastern Time (10:00 AM Central Time) to discuss its results for the third quarter of 2018. A live webcast of the conference call and the presentation to be made during the call will be available in the “Investors / Events & Presentations” section of the Company's website at http://investor.cyrusone.com/events.cfm. The U.S. conference call dial-in number is 1-844-492-3731, and the international dial-in number is 1-412-542-4121. A replay will be available one hour after the conclusion of the earnings call on October 31, 2018, through November 14, 2018. The U.S. toll-free replay dial-in number is 1-877-344-7529 and the international replay dial-in number is 1-412-317-0088. The replay access code is 10124746.

Safe Harbor

This release and the documents incorporated by reference herein contain forward-looking statements regarding future events and our future results that are subject to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are statements that could be deemed forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the industries in which we operate and the beliefs and assumptions of our management. Words such as "expects," "anticipates," "predicts," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "endeavors," "strives," "may," variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned these forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause our actual results to differ materially and adversely from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in this release and those discussed in other documents we file with the Securities and Exchange Commission (SEC). More information on potential risks and uncertainties is available in our recent filings with the SEC, including CyrusOne's Form 10-K report, Form 10-Q reports, and Form 8-K reports. Actual results may differ materially and adversely from those expressed in any forward-looking statements. We undertake no obligation to revise or update any forward-looking statements for any reason.

Adoption of New Accounting Standard and Use of Non-GAAP Financial Measurements

On January 1, 2018, we adopted the new accounting standard with respect to revenue recognition. See “Note 2. Summary of Significant Accounting Policies” and “Note 3, Revenue Recognition” in our financial statements included in our Form 10-Q for the quarter ended March 31, 2018 and in our subsequent filings for additional information. We have adopted the new standard using the modified retrospective transition method, where financial statement presentations prior to the date of adoption are not adjusted. Accordingly, all information related to periods prior to 2018 have not been adjusted, including non-GAAP measurements.

This press release contains certain non-GAAP financial measures that management believes are helpful in understanding the Company's business, as further discussed within this press release. These financial measures, which include Funds From Operations, Normalized Funds From Operations, Adjusted EBITDA, Net Operating Income, and Net Debt should not be construed as being more important than comparable GAAP measures. Detailed reconciliations of these non-GAAP financial measures to comparable GAAP financial measures have been included in the tables that accompany this release and are available in the Investor Relations section of www.cyrusone.com.

Management uses FFO, Normalized FFO, Adjusted EBITDA, and NOI as supplemental performance measures because they provide performance measures that, when compared year over year, capture trends in occupancy rates, rental rates and operating costs. The Company also believes that, as widely recognized measures of the performance of real estate investment trusts (REITs) and other companies, these measures will be used by investors as a basis to compare its operating performance with that of other companies. Other companies may not calculate these measures in the same manner, and, as presented, they may not be comparable to others. Therefore, FFO, Normalized FFO, NOI, and Adjusted EBITDA should be considered only as supplements to net income as measures of our performance. FFO, Normalized FFO, NOI, and Adjusted EBITDA should not be used as measures of liquidity or as indicative of funds available to fund the Company's cash needs, including the ability to pay dividends. These measures also should not be used as substitutes for cash flow from operating activities computed in accordance with U.S. GAAP. The Company believes that Net Debt provides a useful measure of liquidity and financial health.

1Net income / (loss) per diluted common share is defined as net income / (loss) divided by the weighted average diluted common shares outstanding for the period, which were 98.8 million for the third quarter of 2018.

2We use Net Operating Income ("NOI"), which is a non-GAAP financial measure commonly used in the REIT industry, as a supplemental performance measure. We use NOI as a supplemental performance measure because, when compared period over period, it captures trends in occupancy rates, rental rates and operating expenses. We also believe that, as a widely recognized measure of the performance of REITs, NOI is used by investors as a basis to evaluate REITs.

We calculate NOI as revenue less property operating expenses, each of which are presented in the accompanying consolidated statements of operations. Amortization of deferred leasing costs is presented in depreciation and amortization expenses, which is excluded from NOI. Sales and marketing expenses are not property-specific, rather these expenses support our entire portfolio. As a result, we have excluded these sales and marketing expenses from our NOI calculation, consistent with the treatment of general and administrative expenses, which also support our entire portfolio. Because the calculation of NOI excludes various expenses, the utility of NOI as a measure of our performance is limited. Other REITs may not calculate NOI in the same manner. Accordingly, our NOI may not be comparable to others. Therefore, NOI should be considered only as a supplement to revenue and to net income (loss) presented in accordance with GAAP as a measure of our performance. NOI should not be used as a measure of our liquidity or as indicative of funds available to fund our cash needs, including our ability to make distributions. NOI also should not be used as a supplement to or substitute for cash flow from operating activities computed in accordance with GAAP.

3Adjusted EBITDA, which is a non-GAAP financial measure, is defined as net income (loss) as defined by GAAP plus interest expense, income tax expense, depreciation and amortization, impairment losses and loss on disposals, transaction, acquisition, integration and other related expenses, legal claim costs, stock-based compensation expense, severance and management transition costs, loss on early extinguishment of debt, new accounting standards and regulatory compliance and the related system implementation costs, unrealized (gain) loss on marketable equity investment and other special items as appropriate. Other companies may not calculate Adjusted EBITDA in the same manner. Accordingly, the Company's Adjusted EBITDA as presented may not be comparable to others.

4We use funds from operations ("FFO") and normalized funds from operations ("Normalized FFO"), which are non-GAAP financial measures commonly used in the REIT industry, as supplemental performance measures. We use FFO and Normalized FFO as supplemental performance measures because, when compared period over period, they capture trends in occupancy rates, rental rates and operating costs. We also believe that, as widely recognized measures of the performance of REITs, FFO and Normalized FFO are used by investors as a basis to evaluate REITs.

We calculate FFO as net income (loss) computed in accordance with GAAP before real estate depreciation and amortization and asset impairments and gain or loss on disposal. While it is consistent with the definition of FFO promulgated by the National Association of Real Estate Investment Trusts ("NAREIT"), our computation of FFO may differ from the methodology for calculating FFO used by other REITs. Accordingly, our FFO may not be comparable to others.

We calculate Normalized FFO as FFO plus loss on early extinguishment of debt, unrealized (gain) loss on marketable equity investment, new accounting standards and regulatory compliance and the related system implementation costs, amortization of customer relationship intangibles, transaction, acquisition, integration and other related expenses, severance and management transition costs, legal claim costs and other special items as appropriate. Because the value of the customer relationship intangibles is inextricably connected to the real estate acquired, the Company believes the amortization of such intangibles and impairments of such intangibles is analogous to real estate depreciation and impairments; therefore, the Company adds the customer relationship intangible amortization and impairments back for similar treatment with real estate depreciation and impairments. The Company believes its Normalized FFO calculation provides a comparable measure between different periods. Other REITs may not calculate Normalized FFO in the same manner. Accordingly, our Normalized FFO may not be comparable to others.

In addition, because FFO and Normalized FFO exclude real estate depreciation and amortization and real estate impairments, and capture neither the changes in the value of our properties that result from use or from market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results from operations, the utility of FFO and Normalized FFO as measures of our performance is limited. Therefore, FFO and Normalized FFO should be considered only as supplements to net income (loss) presented in accordance with GAAP as measures of our performance. FFO and Normalized FFO should not be used as measures of our liquidity or as indicative of funds available to fund our cash needs, including our ability to make distributions. FFO and Normalized FFO also should not be used as supplements to or substitutes for cash flow from operating activities computed in accordance with GAAP.

5Annualized GAAP revenue is equal to monthly recurring rent, defined as average monthly contractual rent during the term of the lease plus the monthly impact of installation charges, multiplied by 12. It can be shown both inclusive and exclusive of the Company’s estimate of customer reimbursements for metered power.

6Recurring rent churn is calculated as any reduction in recurring rent due to customer terminations, service reductions or net pricing decreases as a percentage of rent at the beginning of the period, excluding any impact from metered power reimbursements or other usage-based billing.

7CSF leased is calculated by dividing CSF under signed leases for available space (whether or not the contract has commenced billing) by total CSF. CSF leased differs from CSF Occupied presented in the Data Center Portfolio table because the leased rate includes CSF for signed leases that have not commenced billing.

8Stabilized properties include data halls that have been in service for at least 24 months or are at least 85% leased.

CyrusOne (NASDAQ: CONE) is a high-growth real estate investment trust (REIT) specializing in highly reliable enterprise-class, carrier-neutral data center properties. The Company provides mission-critical data center facilities that protect and ensure the continued operation of IT infrastructure for approximately 1,000 customers, including 208 Fortune 1000 companies.

With a track record of meeting and surpassing the aggressive speed-to-market demands of hyperscale cloud providers, as well as the expanding IT infrastructure requirements of the enterprise, CyrusOne provides the flexibility, reliability, security, and connectivity that foster business growth. CyrusOne offers a tailored, customer service-focused platform and is committed to full transparency in communication, management, and service delivery throughout its 47 data centers worldwide. Additional information about CyrusOne can be found at www.CyrusOne.com.

Company Profile

CyrusOne (NASDAQ: CONE) specializes in highly reliable enterprise-class, carrier-neutral data center properties. The Company provides mission-critical data center facilities that protect and ensure the continued operation of IT infrastructure for approximately 1,000 customers, including 208 Fortune 1000 companies. CyrusOne's data center offerings provide the flexibility, reliability, and security that enterprise customers require and are delivered through a tailored, customer service-focused platform designed to foster long-term relationships. CyrusOne is committed to full transparency in communication, management, and service delivery throughout its 47 data centers worldwide.

Best-in-Class Sales Force

Flexible Solutions that Scale as Customers Grow

Massively Modular® Engineering with Data Hall Builds in 10-14 Weeks

Focus on Operational Excellence and Superior Customer Service

Proven Leading-Edge Technology Delivering Power Densities up to 900 Watts per Square Foot

Weighted average number of common shares outstanding - diluted for Normalized FFO

99.5

99.4

90.9

9

%

Income (loss) per share - basic

$

(0.43

)

$

1.07

$

(0.61

)

n/m

Income (loss) per share - diluted

$

(0.43

)

$

1.06

$

(0.61

)

n/m

Normalized FFO per diluted common share

$

0.79

$

0.81

$

0.79

—

%

Adjusted EBITDA

110.8

110.6

95.9

16

%

Adjusted EBITDA as a % of Revenue

53.6

%

56.2

%

54.7

%

(1.1) pts

As of

September 30,

June 30,

September 30,

Growth %

2018

2018

2017

Yr/Yr

Balance Sheet Data

Gross investment in real estate

$

5,093.2

$

4,145.6

$

3,656.1

39

%

Accumulated depreciation

(973.4

)

(900.3

)

(722.1

)

35

%

Total investment in real estate, net

4,119.8

3,245.3

2,934.0

40

%

Cash and cash equivalents

61.0

116.2

24.7

n/m

Market value of common equity

6,709.9

5,784.3

5,379.7

25

%

Long-term debt

2,595.6

2,200.0

2,037.7

27

%

Net debt

2,571.5

2,098.7

2,024.0

27

%

Total enterprise value

9,281.4

7,883.0

7,403.7

25

%

Net debt to LQA Adjusted EBITDA(a)

5.4x

4.7x

5.3x

0.1x

Dividend Activity

Dividends per share

$

0.46

$

0.46

$

0.42

10

%

Portfolio Statistics

Data centers

47

43

44

7

%

Stabilized CSF (000)

3,396

3,097

2,494

36

%

Stabilized CSF % leased

91

%

92

%

93

%

(2) pts

Total CSF (000)

3,674

3,369

3,130

17

%

Total CSF % leased

86

%

88

%

82

%

4 pts

Total NRSF (000)

6,527

5,842

5,565

17

%

(a) September 30, 2018 period adjusted to reflect a full quarter Adjusted EBITDA contribution from the Zenium data centers based on September results and the pro forma impact of equity proceeds assuming cash settlement under the forward sale agreement.

Cash paid for interest, net of amounts capitalized of $15.9 million and $12.4 million in 2018 and 2017, respectively

$

98.5

$

58.2

$

45.2

$

30.7

Cash paid for income taxes

3.3

1.9

0.4

0.3

Non-cash investing and financing activities:

Construction costs and other payables

160.5

133.6

160.5

133.6

Dividends payable

49.7

39.6

49.7

39.6

Debt assumed

86.3

—

86.3

—

Capital lease obligation assumed

25.0

—

25.0

—

Real estate additions from entering into and modifying capital leases

4.6

—

(2.0

)

—

Transfer of land held for future development to construction in progress

13.5

12.6

4.2

6.0

Transfer of construction in progress to gross operating real estate

554.7

733.9

217.0

318.3

CyrusOne Inc.

Net Operating Income and Reconciliation of Net Income (Loss) to Adjusted EBITDA

(Dollars in millions)

(Unaudited)

Nine Months Ended

Three Months Ended

September 30,

Change

September 30,

June 30,

March 31,

December 31,

September 30,

2018

2017

$

%

2018

2018

2018

2017

2017

Net Operating Income

Revenue

$

600.1

$

491.5

$

108.6

22

%

$

206.6

$

196.9

$

196.6

$

180.5

$

175.3

Property operating expenses

214.4

174.9

39.5

23

%

77.7

68.9

67.8

60.2

63.0

Net Operating Income (NOI)

$

385.7

$

316.6

$

69.1

22

%

$

128.9

$

128.0

$

128.8

$

120.3

$

112.3

NOI as a % of Revenue

64.3

%

64.4

%

62.4

%

65.0

%

65.5

%

66.6

%

64.1

%

Reconciliation of Net Income (Loss) to Adjusted EBITDA:

Net income (loss)

$

107.0

$

(86.3

)

$

193.3

n/m

$

(42.4

)

$

105.9

$

43.5

$

2.8

$

(55.1

)

Interest expense

69.4

48.0

21.4

45

%

25.8

22.8

20.8

20.1

17.9

Income tax expense

2.0

2.0

—

n/m

0.2

1.0

0.8

1.0

0.9

Depreciation and amortization

236.2

188.1

48.1

26

%

84.0

77.6

74.6

70.8

68.7

Impairment losses and loss on disposals

—

59.3

(59.3

)

n/m

—

—

—

0.2

55.5

EBITDA (NAREIT definition)(a)

$

414.6

$

211.1

203.5

96

%

$

67.6

$

207.3

$

139.7

$

94.9

$

87.9

Transaction, acquisition, integration and other related expenses

3.4

5.3

(1.9

)

(36

)%

1.1

0.4

1.9

5.1

3.0

Legal claim costs

0.4

1.1

(0.7

)

(64

)%

0.1

0.1

0.2

—

0.3

Stock-based compensation expense

13.0

11.6

1.4

12

%

4.6

4.5

3.9

3.1

3.9

Severance and management transition costs

0.7

0.5

0.2

40

%

—

—

0.7

—

—

Loss on early extinguishment of debt

3.1

36.5

(33.4

)

n/m

—

—

3.1

—

—

New accounting standards and regulatory compliance and the related system implementation costs

2.3

1.3

1.0

n/m

0.8

1.0

0.5

1.1

0.8

Unrealized (gain) loss on marketable equity investment

(106.6

)

—

(106.6

)

n/m

36.6

(102.7

)

(40.5

)

—

—

Adjusted EBITDA

$

330.9

$

267.4

63.5

24

%

$

110.8

$

110.6

$

109.5

$

104.2

$

95.9

Adjusted EBITDA as a % of Revenue

55.1

%

54.4

%

53.6

%

56.2

%

55.7

%

57.7

%

54.7

%

(a)

We calculate Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) as GAAP net income (loss) plus interest expense, income tax expense, depreciation and amortization plus or minus losses and gains on the disposition of depreciable property, plus impairment losses. While it is consistent with the definition of EBITDAre promulgated by the National Association of Real Estate Investment Trusts ("NAREIT"), our computation of EBITDAre may differ from the methodology for calculating EBITDAre used by other REITs. Accordingly, our EBITDAre may not be comparable to others.

CyrusOne Inc.

Reconciliation of Net Income (Loss) to Net Operating Income

(Dollars in millions)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

Change

September 30,

Change

2018

2017

$

%

2018

2017

$

%

Net Income (Loss)

$

(42.4

)

$

(55.1

)

$

12.7

n/m

$

107.0

$

(86.3

)

$

193.3

n/m

Sales and marketing expenses

4.3

3.9

0.4

10

%

14.0

13.1

0.9

7

%

General and administrative expenses

19.3

17.5

1.8

10

%

57.2

50.6

6.6

13

%

Depreciation and amortization expenses

84.0

68.7

15.3

22

%

236.2

188.1

48.1

26

%

Transaction, acquisition, integration and other related expenses

1.1

4.1

(3.0

)

(73

)%

3.4

6.6

(3.2

)

(48

)%

Impairment losses

—

54.4

(54.4

)

n/m

—

58.0

(58.0

)

n/m

Interest expense

25.8

17.9

7.9

44

%

69.4

48.0

21.4

45

%

Unrealized (gain) loss on marketable equity investment

36.6

—

36.6

n/m

(106.6

)

—

(106.6

)

n/m

Loss on early extinguishment of debt

—

—

—

—

%

3.1

36.5

(33.4

)

(92

)%

Income tax expense

0.2

0.9

(0.7

)

(78

)%

2.0

2.0

—

—

%

Net Operating Income

$

128.9

$

112.3

$

16.6

15

%

$

385.7

$

316.6

$

69.1

22

%

CyrusOne Inc.

Reconciliation of Net Income (Loss) to FFO and Normalized FFO

(Dollars in millions)

(Unaudited)

Nine Months Ended

Three Months Ended

September 30,

Change

September 30,

June 30,

March 31,

December 31,

September 30,

2018

2017

$

%

2018

2018

2018

2017

2017

Reconciliation of Net Income (Loss) to FFO and Normalized FFO:

Net income (loss)

$

107.0

$

(86.3

)

$

193.3

n/m

$

(42.4

)

$

105.9

$

43.5

$

2.8

$

(55.1

)

Real estate depreciation and amortization

212.5

164.3

48.2

29

%

76.0

69.8

66.7

62.6

60.3

Impairment losses

—

58.0

(58.0

)

n/m

—

—

—

—

54.4

Funds from Operations ("FFO") - NAREIT defined

$

319.5

$

136.0

$

183.5

135

%

$

33.6

$

175.7

$

110.2

$

65.4

$

59.6

Loss on early extinguishment of debt

3.1

36.5

(33.4

)

n/m

—

—

3.1

—

—

Unrealized (gain) loss on marketable equity investment

(106.6

)

—

(106.6

)

n/m

36.6

(102.7

)

(40.5

)

—

—

New accounting standards and regulatory compliance and the related system implementation costs

2.3

1.3

1.0

n/m

0.8

1.0

0.5

1.1

0.8

Amortization of customer relationship intangibles

18.6

18.5

0.1

1

%

6.3

6.2

6.1

6.6

6.6

Transaction, acquisition, integration and other related expenses

3.4

6.6

(3.2

)

(48

)%

1.1

0.4

1.9

5.3

4.1

Severance and management transition costs

0.7

0.5

0.2

40

%

—

—

0.7

—

—

Legal claim costs

0.4

1.1

(0.7

)

(64

)%

0.1

0.1

0.2

—

0.3

Normalized Funds from Operations (Normalized FFO)

$

241.4

$

200.5

$

40.9

20

%

$

78.5

$

80.7

$

82.2

$

78.4

$

71.4

Normalized FFO per diluted common share

$

2.45

$

2.28

$

0.17

7

%

$

0.79

$

0.81

$

0.85

$

0.84

$

0.79

Weighted average diluted common shares outstanding

98.4

88.0

10.4

12

%

99.5

99.4

96.6

93.5

90.9

Additional Information:

Amortization of deferred financing costs and bond premium

2.9

3.4

(0.5

)

(15

)%

1.1

1.1

0.7

0.9

1.2

Stock-based compensation expense

13.0

11.6

1.4

12

%

4.6

4.5

3.9

3.1

3.9

Non-real estate depreciation and amortization

5.1

5.3

(0.2

)

(4

)%

1.7

1.6

1.8

1.6

1.8

Straight line rent adjustments(a)

(18.8

)

(24.9

)

6.1

(24

)%

(5.8

)

(5.8

)

(7.2

)

(7.4

)

(6.4

)

Deferred revenue, primarily installation revenue(b)

13.2

19.3

(6.1

)

(32

)%

7.6

2.4

3.2

3.8

12.9

Leasing commissions

(10.2

)

(13.8

)

3.6

(26

)%

(3.3

)

(3.7

)

(3.2

)

(3.5

)

(6.1

)

Recurring capital expenditures

(8.4

)

(2.8

)

(5.6

)

n/m

(3.7

)

(2.3

)

(2.4

)

(1.6

)

(0.6

)

(a)

Straight line rent adjustments:

Represents the difference between revenue recognized on a straight line basis under GAAP over the term of the lease compared to the contractual rental payments. Lease agreements typically include payments that escalate over the term of the contract or, to a lesser extent, a ramp period.

(b)

Deferred revenue, primarily installation revenue:

Represents payments received from customers in excess of revenue recognized under GAAP. This primarily relates to specific customer-requested buildouts that CyrusOne does not include in its basic data center design. The company charges customers up front for these buildouts rather than incorporating into rent and billing them over time. The cash payments for these buildouts are non-recurring, and may vary significantly from quarter to quarter, but revenue is amortized over the life of the lease.

CSF represents the NRSF at an operating facility that is currently leased or readily available for lease as colocation space, where customers locate their servers and other IT equipment.

(b)

CSF Leased is calculated by dividing CSF under signed leases for colocation space (whether or not the lease has commenced billing) by total CSF.

(c)

Stabilized properties include data halls that have been in service for at least 24 months or are at least 85% leased.

CyrusOne Inc.

2018 Guidance

Category

2018 Guidance(1)

Total Revenue

$820 - 830 million

Lease and Other Revenues from Customers

$725 - 730 million

Metered Power Reimbursements

$95 - 100 million

Adjusted EBITDA

$454 - 459 million

Normalized FFO per diluted common share

$3.25 - 3.30

Capital Expenditures

$850 - 900 million

Development

$845 - 890 million

Recurring

$5 - 10 million

(1)Full year 2018 guidance includes the impact of the Zenium acquisition,

which closed in late August. Development capital expenditures include the

acquisition of land for future development.

CyrusOne is reaffirming guidance for full year 2018. The annual guidance provided above represents forward-looking statements, which are based on current economic conditions, internal assumptions about the Company's existing customer base and the supply and demand dynamics of the markets in which CyrusOne operates.

CyrusOne does not provide forward-looking guidance for GAAP financial measures (other than Revenue and Capital Expenditures) or reconciliations for the non-GAAP financial measures included in the annual guidance provided above due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including net income (loss) and adjustments that could be made for transaction, acquisition, integration and other related expenses, legal claim costs, asset impairments and loss on disposals and other charges in its reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.

CyrusOne Inc.

Data Center Portfolio

As of September 30, 2018

(Unaudited)

Operating Net Rentable Square Feet (NRSF)(a)

Powered Shell Available for Future Development (NRSF)(k)(000)

AvailableCriticalLoadCapacity (MW)(l)

Stabilized Properties(b)

MetroArea

AnnualizedRent(c)($000)

ColocationSpace(CSF)(d)(000)

CSFOccupied(e)

CSF Leased(f)

Office &Other(g)(000)

Office &OtherOccupied(h)

Supporting Infrastructure(i)(000)

Total(j)(000)

Dallas - Carrollton

Dallas

$

75,863

305

89

%

89

%

82

44

%

111

498

-

38

Houston - Houston West I

Houston

42,688

112

97

%

97

%

11

100

%

37

161

3

28

Northern Virginia - Sterling II

Northern Virginia

35,775

159

100

%

100

%

9

100

%

55

223

-

30

San Antonio III

San Antonio

34,328

132

100

%

100

%

9

100

%

43

184

-

24

Cincinnati - 7th Street***

Cincinnati

33,451

197

94

%

94

%

6

100

%

175

378

46

16

Northern Virginia - Sterling V

Northern Virginia

31,775

383

78

%

88

%

11

100

%

138

532

64

51

Somerset I

New York Metro

29,883

97

85

%

85

%

27

89

%

89

213

203

11

Dallas - Lewisville*

Dallas

28,750

114

77

%

77

%

11

84

%

54

180

-

21

Totowa - Madison**

New York Metro

26,670

51

89

%

91

%

22

100

%

59

133

-

6

Chicago - Aurora I

Chicago

26,171

113

98

%

98

%

34

100

%

223

371

27

71

Cincinnati - North Cincinnati

Cincinnati

24,478

65

99

%

99

%

45

79

%

53

163

65

14

Phoenix - Chandler II

Phoenix

24,037

74

100

%

100

%

6

38

%

26

105

-

12

Wappingers Falls I**

New York Metro

22,148

37

90

%

91

%

20

99

%

15

72

-

3

San Antonio I

San Antonio

22,038

44

100

%

100

%

6

83

%

46

96

11

12

Houston - Houston West II

Houston

21,414

80

77

%

78

%

4

88

%

55

139

11

12

Phoenix - Chandler I

Phoenix

20,784

74

100

%

100

%

35

12

%

39

147

31

16

Phoenix - Chandler III

Phoenix

20,299

68

100

%

100

%

2

-

%

30

101

-

14

Northern Virginia - Sterling I

Northern Virginia

19,528

78

100

%

100

%

6

77

%

49

132

-

12

Raleigh-Durham I

Raleigh-Durham

18,137

76

88

%

88

%

13

100

%

82

171

246

12

Houston - Galleria

Houston

17,951

63

59

%

59

%

23

51

%

25

112

-

14

Phoenix - Chandler VI

Phoenix

17,387

148

99

%

99

%

6

100

%

32

186

10

24

Northern Virginia - Sterling III

Northern Virginia

16,918

79

100

%

100

%

7

100

%

34

120

-

15

Frankfurt I

Frankfurt

16,127

53

97

%

97

%

8

91

%

57

118

-

18

Austin II

Austin

15,571

44

95

%

95

%

2

100

%

22

68

-

5

San Antonio II

San Antonio

14,490

64

100

%

100

%

11

100

%

41

117

-

12

Florence

Cincinnati

13,544

53

99

%

99

%

47

87

%

40

140

-

9

Austin III

Austin

13,508

62

55

%

66

%

15

98

%

21

98

67

6

Phoenix - Chandler IV

Phoenix

11,551

73

100

%

100

%

3

100

%

27

103

-

12

San Antonio IV

San Antonio

11,250

60

100

%

100

%

4

-

%

27

91

-

12

Cincinnati - Hamilton*

Cincinnati

10,673

47

74

%

74

%

1

100

%

35

83

-

10

Northern Virginia - Sterling IV

Northern Virginia

9,381

81

100

%

100

%

7

100

%

34

122

-

15

Phoenix - Chandler V

Phoenix

8,551

72

100

%

100

%

1

95

%

16

89

94

12

London II**

London

8,211

49

100

%

100

%

10

100

%

93

151

36

15

London I**

London

6,808

18

100

%

100

%

12

56

%

39

69

20

7

London - Great Bridgewater**

London

6,245

10

94

%

94

%

-

-

%

1

11

-

1

Cincinnati - Mason

Cincinnati

5,266

34

100

%

100

%

26

98

%

17

78

-

4

Stamford - Riverbend**

New York Metro

5,207

20

23

%

23

%

-

-

%

8

28

-

2

Houston - Houston West III

Houston

5,079

53

32

%

36

%

10

100

%

32

95

209

6

Norwalk I**

New York Metro

4,242

13

99

%

99

%

4

68

%

41

58

87

2

Chicago - Lombard

Chicago

2,421

14

62

%

62

%

4

100

%

12

30

29

3

Stamford - Omega**

New York Metro

1,238

-

-

%

-

%

19

84

%

4

22

-

-

Cincinnati - Blue Ash*

Cincinnati

652

6

36

%

36

%

7

100

%

2

15

-

1

Totowa - Commerce**

New York Metro

567

-

-

%

-

%

20

38

%

6

26

-

-

South Bend - Crescent*

Chicago

566

3

41

%

41

%

-

-

%

5

9

11

1

Singapore - Inter Business Park**

Singapore

384

3

22

%

22

%

-

-

%

-

3

-

1

Frankfurt II

Frankfurt

320

9

100

%

100

%

1

100

%

49

59

58

11

South Bend - Monroe

Chicago

123

6

23

%

23

%

-

-

%

6

13

4

1

Stabilized Properties - Total

$

782,450

3,396

89

%

91

%

608

76

%

2,107

6,110

1,333

617

CyrusOne Inc.

Data Center Portfolio

As of September 30, 2018

(Unaudited)

Operating Net Rentable Square Feet (NRSF)(a)

Powered Shell Available for Future Development (NRSF)(k)(000)

AvailableCriticalLoadCapacity (MW)(l)

MetroArea

AnnualizedRent(c)($000)

ColocationSpace(CSF)(d)(000)

CSFOccupied(e)

CSF Leased(f)

Office &Other(g)(000)

Office &OtherOccupied(h)

Supporting Infrastructure(i)(000)

Total(j)(000)

Stabilized Properties - Total

$

782,450

3,396

89

%

91

%

608

76

%

2,107

6,110

1,333

617

Pre-Stabilized Properties(b)

Dallas - Carrollton (DH #6)

Dallas

6,890

75

76

%

76

%

-

-

%

21

96

-

6

Chicago - Aurora II (DH #1)

Chicago

1,438

77

26

%

28

%

45

-

%

14

136

272

16

Dallas - Carrollton (DH #7)

Dallas

840

48

19

%

19

%

-

-

%

-

48

-

6

Dallas - Allen (DH #1)

Dallas

-

79

-

%

-

%

-

-

%

58

137

158

6

All Properties - Total

$

791,618

3,674

85

%

86

%

653

71

%

2,200

6,527

1,762

651

*

Indicates properties in which we hold a leasehold interest in the building shell and land. All data center infrastructure has been constructed by us and is owned by us.

**

Indicates properties in which we hold a leasehold interest in the building shell, land, and all data center infrastructure.

***

The information provided for the Cincinnati - 7th Street property includes data for two facilities, one of which we lease and one of which we own.

(a)

Represents the total square feet of a building under lease or available for lease based on engineers' drawings and estimates but does not include space held for development or space used by CyrusOne.

(b)

Stabilized properties include data halls that have been in service for at least 24 months or are at least 85% leased. Pre-stabilized properties include data halls that have been in service for less than 24 months and are less than 85% leased.

(c)

Represents monthly contractual rent (defined as cash rent including customer reimbursements for metered power) under existing customer leases as of September 30, 2018, multiplied by 12. For the month of September 2018, customer reimbursements were $119.5 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers' utilization of power and the suppliers' pricing of power. From July 1, 2016 through September 30, 2018, customer reimbursements under leases with separately metered power constituted between 10.2% and 15.1% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of September 30, 2018 was $802.7 million. Our annualized effective rent was greater than our annualized rent as of September 30, 2018 because our positive straight-line and other adjustments and amortization of deferred revenue exceeded our negative straight-line adjustments due to factors such as the timing of contractual rent escalations and customer prepayments for services.

(d)

CSF represents the NRSF at an operating facility that is currently leased or readily available for lease as colocation space, where customers locate their servers and other IT equipment.

(e)

Percent occupied is determined based on CSF billed to customers under signed leases as of September 30, 2018 divided by total CSF. Leases signed but that have not commenced billing as of September 30, 2018 are not included.

(f)

Percent leased is calculated by dividing CSF under signed leases for colocation space (whether or not the lease has commenced billing) by total CSF.

(g)

Represents the NRSF at an operating facility that is currently leased or readily available for lease as space other than CSF, which is typically office and other space.

(h)

Percent occupied is determined based on Office & Other space being billed to customers under signed leases as of September 30, 2018 divided by total Office & Other space. Leases signed but not commenced as of September 30, 2018 are not included.

(i)

Represents infrastructure support space, including mechanical, telecommunications and utility rooms, as well as building common areas.

(j)

Represents the NRSF at an operating facility that is currently leased or readily available for lease. This excludes existing vacant space held for development.

(k)

Represents space that is under roof that could be developed in the future for operating NRSF, rounded to the nearest 1,000.

(l)

Critical load capacity represents the aggregate power available for lease and exclusive use by customers expressed in terms of megawatts. The capacity reported is for non-redundant megawatts, as we can develop flexible solutions to our customers at multiple resiliency levels. Does not sum to total due to rounding.

CyrusOne Inc.

NRSF Under Development

As of September 30, 2018

(Dollars in millions)

(Unaudited)

NRSF Under Development(a)

Under Development Costs

Facilities

Metropolitan

Area

EstimatedCompletionDate

ColocationSpace

(CSF)(000)

Office &Other(000)

Supporting

Infrastructure(000)

Powered Shell(b)(000)

Total(000)

CriticalLoad MWCapacity(c)

Actualto

Date(d)

Estimated

Costs to

Completion(e)

Total

Dallas - Carrollton

Dallas

4Q'18

-

-

-

-

-

6.0

$

10

7-9

17-19

Somerset II

New York Metro

4Q'18

9

-

-

-

9

2.0

1

11-13

12-14

San Antonio IV

San Antonio

4Q'18

-

8

-

-

8

-

-

1-2

1-2

London I

London

4Q'18

7

-

19

-

26

3.0

5

0-1

5-6

Frankfurt II

Frankfurt

4Q'18

36

5

23

-

64

14.0

31

9-13

40-44

Dallas - Allen

Dallas

1Q'19

-

25

21

-

46

-

-

7-9

7-9

Northern Virginia - Sterling V

Northern Virginia

1Q'19

-

-

7

-

7

12.0

2

43-46

45-48

Phoenix - Chandler VII

Phoenix

1Q'19

-

-

-

269

269

-

2

57-63

59-65

Northern Virginia - Sterling VI

Northern Virginia

1Q'19

272

30

52

71

425

57.0

60

241-273

301-333

Northern Virginia - Sterling VIII

Northern Virginia

1Q'19

61

4

25

60

150

6.0

1

50-56

51-57

Raleigh-Durham I

Raleigh-Durham

1Q'19

7

-

-

-

7

3.0

-

7-9

7-9

Northern Virginia - Sterling VII

Northern Virginia

3Q'19

-

-

-

93

93

-

-

33-37

33-37

Total

393

73

145

493

1,104

103.0

$

112

466-531

578-643

(a)

Represents NRSF at a facility for which activities have commenced or are expected to commence in the next 2 quarters to prepare the space for its intended use. Estimates and timing are subject to change. May not sum to total due to rounding.

(b)

Represents NRSF under construction that, upon completion, will be powered shell available for future development into operating NRSF.

(c)

Critical load capacity represents the aggregate power available for lease and exclusive use by customers expressed in terms of megawatts. The capacity reported is for non-redundant megawatts, as we can develop flexible solutions to our customers at multiple resiliency levels.

(d)

Actual to date is the cash investment as of September 30, 2018. There may be accruals above this amount for work completed, for which cash has not yet been paid.

(e)

Represents management’s estimate of the total costs required to complete the current NRSF under development. There may be an increase in costs if customers require greater power density.

Capital Expenditures - Investment in Real Estate

Three months ended

Nine months ended

March 31,

June 30,

September 30,

September 30,

(dollars in millions)

2018

2018

2018

2018

Capital expenditures - investment in real estate

$142.8

$175.2

$304.8

$622.8

CyrusOne Inc.

Land Available for Future Development (Acres)

As of September 30, 2018

(Unaudited)

As of

Market

September 30, 2018

Atlanta

44

Austin

22

Chicago

23

Cincinnati

98

Dallas

57

Frankfurt

7

Houston

20

Northern Virginia

40

Phoenix

96

Quincy, Washington

48

Santa Clara

15

Total Available(a)

469

Book Value of Total Available

$

189.6

million

(a) Does not sum to total due to rounding.

CyrusOne Inc.

Leasing Statistics - Lease Signings

As of September 30, 2018

(Unaudited)

Period

Numberof Leases(a)

Total CSFSigned(b)

Total kWSigned(c)

Total MRRSigned (000)(d)

WeightedAverageLease Term(e)

3Q'18

500

114,000

15,118

$2,218

60

Prior 4Q Avg.

438

192,000

26,178

$3,129

87

2Q'18

506

305,000

51,919

$5,453

143

1Q'18

439

226,000

29,364

$3,370

77

4Q'17

395

86,000

8,600

$1,463

61

3Q'17

411

151,000

14,830

$2,228

68

(a)

Number of leases represents each agreement with a customer. A lease agreement could include multiple spaces, and a customer could have multiple leases.

(b)

CSF represents the NRSF at an operating facility that is leased as colocation space, where customers locate their servers and other IT equipment.

(c)

Represents maximum contracted kW that customers may draw during lease period. Additionally, we can develop flexible solutions for our customers at multiple resiliency levels, and the kW signed is unadjusted for this factor.

(d)

Monthly recurring rent is defined as the average monthly contractual rent during the term of the lease. It includes the monthly impact of installation charges of approximately $0.3 million in 2Q'18 and 3Q'18 and $0.2 million in each of the other quarters.

(e)

Calculated on a CSF-weighted basis.

CyrusOne Inc.

New MRR Signed - Existing vs. New Customers

As of September 30, 2018

(Dollars in thousands)

(Unaudited)

New MRR(a) Signed ($000)

4Q'16

1Q'17

2Q'17

3Q'17

4Q'17

1Q'18

2Q'18

3Q'18

Existing Customers

$

1,332

$

2,247

$

2,322

$

1,418

$

1,063

$

3,149

$

4,429

$

2,072

New Customers

$

258

$

385

$

145

$

810

$

400

$

221

$

1,024

$

146

Total

$

1,590

$

2,632

$

2,467

$

2,228

$

1,463

$

3,370

$

5,453

$

2,218

% from Existing Customers

84

%

85

%

94

%

64

%

73

%

93

%

81

%

93

%

(a)

Monthly recurring rent is defined as the average monthly contractual rent during the term of the lease. It includes the monthly impact of installation charges of approximately $0.3 million in 2Q'18 and 3Q'18, $0.2 million in 2Q'17-1Q'18 and $0.1 million in each of the other quarters.

CyrusOne Inc.

Customer Sector Diversification(a)

As of September 30, 2018

(Unaudited)

Principal Customer Industry

Number ofLocations

Annualized Rent(b) (000)

Percentage of Portfolio Annualized Rent(c)

Weighted Average Remaining Lease Term in Months(d)

1

Information Technology

10

$

148,939

18.8

%

91.6

2

Information Technology

5

47,711

6.0

%

73.4

3

Information Technology

10

43,692

5.5

%

40.5

4

Information Technology

7

28,752

3.6

%

36.3

5

Financial Services

1

17,756

2.2

%

150.0

6

Research and Consulting Services

3

15,807

2.0

%

27.5

7

Healthcare

2

15,253

1.9

%

111.0

8

Telecommunication Services

2

13,877

1.8

%

13.9

9

Energy

1

12,936

1.6

%

21.8

10

Industrials

4

11,401

1.4

%

12.8

11

Information Technology

3

11,055

1.4

%

44.8

12

Telecommunication Services

7

9,903

1.3

%

24.6

13

Financial Services

2

9,472

1.2

%

59.8

14

Consumer Staples

3

8,665

1.1

%

28.6

15

Information Technology

3

8,121

1.0

%

112.8

16

Telecommunication Services

1

8,050

1.0

%

33.0

17

Information Technology

2

7,983

1.0

%

69.2

18

Financial Services

1

6,600

0.8

%

20.0

19

Telecommunication Services

10

6,463

0.8

%

10.2

20

Information Technology

5

5,850

0.7

%

22.9

$

438,285

55.4

%

66.1

(a)

Customers and their affiliates are consolidated.

(b)

Represents monthly contractual rent (defined as cash rent including customer reimbursements for metered power) under existing customer leases as of September 30, 2018, multiplied by 12. For the month of September 2018, customer reimbursements were $119.5 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers' utilization of power and the suppliers' pricing of power. From July 1, 2016 through September 30, 2018, customer reimbursements under leases with separately metered power constituted between 10.2% and 15.1% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of September 30, 2018 was $802.7 million. Our annualized effective rent was greater than our annualized rent as of September 30, 2018 because our positive straight-line and other adjustments and amortization of deferred revenue exceeded our negative straight-line adjustments due to factors such as the timing of contractual rent escalations and customer prepayments for services.

(c)

Represents the customer’s total annualized rent divided by the total annualized rent in the portfolio as of September 30, 2018, which was approximately $791.6 million.

(d)

Weighted average based on customer’s percentage of total annualized rent expiring and is as of September 30, 2018, assuming that customers exercise no renewal options and exercise all early termination rights that require payment of less than 50% of the remaining rents. Early termination rights that require payment of 50% or more of the remaining lease payments are not assumed to be exercised because such payments approximate the profitability margin of leasing that space to the customer, such that we do not consider early termination to be economically detrimental to us.

CyrusOne Inc.

Lease Distribution

As of September 30, 2018

(Unaudited)

NRSF Under Lease(a)

Number of

Customers(b)

Percentage of

All Customers

Total

Leased

NRSF(c) (000)

Percentage of

Portfolio

Leased NRSF

Annualized

Rent(d) (000)

Percentage of

Annualized Rent

0-999

676

68

%

146

3

%

$

70,218

9

%

1,000-2,499

120

12

%

187

4

%

42,456

5

%

2,500-4,999

74

7

%

263

5

%

44,976

6

%

5,000-9,999

47

5

%

332

6

%

57,237

7

%

10,000+

81

8

%

4,327

82

%

576,732

73

%

Total

998

100

%

5,256

100

%

$

791,618

100

%

(a)

Represents all leases in our portfolio, including colocation, office and other leases.

(b)

Represents the number of customers occupying data center, office and other space as of September 30, 2018. This may vary from total customer count as some customers may be under contract, but have yet to occupy space.

(c)

Represents the total square feet at a facility under lease and that has commenced billing, excluding space held for development or space used by CyrusOne. A customer’s leased NRSF is estimated based on such customer’s direct CSF or office and light-industrial space plus management’s estimate of infrastructure support space, including mechanical, telecommunications and utility rooms, as well as building common areas.

(d)

Represents monthly contractual rent (defined as cash rent including customer reimbursements for metered power) under existing customer leases as of September 30, 2018, multiplied by 12. For the month of September 2018, customer reimbursements were $119.5 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers' utilization of power and the suppliers' pricing of power. From July 1, 2016 through September 30, 2018, customer reimbursements under leases with separately metered power constituted between 10.2% and 15.1% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of September 30, 2018 was $802.7 million. Our annualized effective rent was greater than our annualized rent as of September 30, 2018 because our positive straight-line and other adjustments and amortization of deferred revenue exceeded our negative straight-line adjustments due to factors such as the timing of contractual rent escalations and customer prepayments for services.

CyrusOne Inc.

Lease Expirations

As of September 30, 2018

(Unaudited)

Year(a)

Number of Leases Expiring(b)

Total OperatingNRSF Expiring(000)

Percentage ofTotal NRSF

Annualized Rent(c) (000)

Percentage ofAnnualized Rent

Annualized Rent at Expiration(d)(000)

Percentage ofAnnualized Rent at Expiration

Available

1,271

19

%

Month-to-Month

709

95

1

%

$

30,848

4

%

$

33,287

4

%

2018

441

139

2

%

20,962

3

%

20,962

2

%

2019

2,296

588

9

%

116,042

15

%

117,568

14

%

2020

1,412

557

9

%

92,005

12

%

93,969

11

%

2021

1,623

680

10

%

121,686

15

%

126,505

15

%

2022

292

558

9

%

72,792

9

%

80,738

9

%

2023

229

651

10

%

67,908

9

%

79,622

9

%

2024

46

248

4

%

36,968

5

%

45,746

5

%

2025

45

185

3

%

31,315

4

%

35,928

4

%

2026

29

586

9

%

87,003

11

%

93,422

11

%

2027

16

419

6

%

62,709

8

%

72,028

8

%

2028 - Thereafter

24

549

9

%

51,380

7

%

62,111

7

%

Total

7,162

6,527

100

%

$

791,618

100

%

$

861,884

100

%

(a)

Leases that were auto-renewed prior to September 30, 2018 are shown in the calendar year in which their current auto-renewed term expires. Unless otherwise stated in the footnotes, the information set forth in the table assumes that customers exercise no renewal options and exercise all early termination rights that require payment of less than 50% of the remaining rents. Early termination rights that require payment of 50% or more of the remaining lease payments are not assumed to be exercised.

(b)

Number of leases represents each agreement with a customer. A lease agreement could include multiple spaces and a customer could have multiple leases.

(c)

Represents monthly contractual rent (defined as cash rent including customer reimbursements for metered power) under existing customer leases as of September 30, 2018, multiplied by 12. For the month of September 2018, customer reimbursements were $119.5 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers' utilization of power and the suppliers' pricing of power. From July 1, 2016 through September 30, 2018, customer reimbursements under leases with separately metered power constituted between 10.2% and 15.1% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of September 30, 2018 was $802.7 million. Our annualized effective rent was greater than our annualized rent as of September 30, 2018 because our positive straight-line and other adjustments and amortization of deferred revenue exceeded our negative straight-line adjustments due to factors such as the timing of contractual rent escalations and customer prepayments for services.

(d)

Represents the final monthly contractual rent under existing customer leases that had commenced as of September 30, 2018, multiplied by 12.